Cordelio Power, the renewable energy producer, announced this Thursday it has reached the financing completion of a 185 megawatts wind project for Illinois. The project itself is the Glacier Sand Wind, to be locate at Mason County.
Firstly, this financing was for the construction phase of the project; Rabobank coordinated the financing; along with its affiliates Bank of Montreal, National Bank of Canada, and MUFG.
Secondly, completion of the construction phase of the project may occur by the end of this very year, according to the statement. Once completed, the project will enter into a term loan.
Thirdly, a tax equity commitment from a subsidiary of Berkshire Hathaway Energy will support the loans; such loans will receive funs once the project reaches commercial operations.
Moreover, specifically, around October the project may be fully built; once ready, it will sell the 100% of its renewable energy output to Microsoft, through a long-term power purchase agreement.
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Cordelio Power to sell clean electricity to Microsoft
In addition, about the relevance of the project, John Carson, Cordelio’s Chief Executive Officer, said. “The Cordelio team is pleased to take this next step in building our midwestern renewables base.”
He also added. “Our thanks go out to the Mason County community, Microsoft; also, our lender group, and our project partners Berkshire Hathaway Energy and Swift Current Energy.”
On the other hand, Cordelio Power is renewable energy producer that manages over 1000 megawatts of clean electricity generation across North America. This includes 396 MW of wind and solar projects in Ontario; plus, a 656 MW (net) wind and solar portfolio stake owned by Canada Pension Plan Investment Board.
Furthermore, the company also owns, wholly and through a joint venture, a growth pipeline of over 4,500 MW of wind; solar and storage projects in the western and midwestern US. This includes the Glacier Sands project.
Finally, Cordelio is a wholly owned subsidiary of CPP Investments.